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Suppose we are analyzing the market for hot chocolate. Graphically illustrate the impact of the following would have on demand or supply. Also show how equilibrium price and equilibrium quantity would change. Each question part requires a labeled graph. You need only label the points on the graph pertinent to the question.
A. The price of coffee for consumers, a substitute for hot chocolate, rises. Graph and explain in a sentence.
B. Producers (but not consumers) form a new expectation that the price of hot chocolate will fall in a month. Graph and explain in a sentence.
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